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Access Credit Union wants to help you understand all
there is to know about applying for a student loan.
You will find answers to some frequently asked questions
below.
- If you are not already a member, check on the How
to Join page in the About Us section of this website
for membership eligibility.
- Decide which colleges you will apply for admission
to.
- Acquire FAFSA (Free Application for Federal Student
Aid) from your high school counselor, college financial
aid office or online at www.fafsa.ed.gov.
- Send the completed FAFSA form to the Federal Processor.
- The colleges to which you apply will send you an
award letter. The award letter will tell you how much
aid you might expect to receive from that college.
- Decide which college you are going to attend.
- Ask your college financial aid office for a Student
Loan Application.
- Complete your Student Loan Application. Be sure
to include the Access Credit Union’s Lender
Code 834054 on the application.
- Submit your Student Loan Application to your chosen
college’s financial aid office.
- When your loan is approved, your college will determine
the method and date your loan will be disbursed.
Federal Stafford loans are low-interest loans
for undergraduate and graduate students enrolled at
least half-time. The interest rate is set by the federal
government and will adjust annually, but will never
exceed 8.25%.
For parents of dependent students, regardless of income
or assets. Its variable rate is tied to the 91-day Treasury
Bill and will adjust annually, with a cap of 9%.
Access Credit Union loans are serviced by Panhandle-Plains
Higher Education Authority. Membership to Access Credit
Union is required. Please see our How
to Join web page for more details.
The Free Application for Federal Student Aid (FAFSA)
is the required application for federal and/ or state
financial aid programs. You can get one from your high
school counselor, or college financial aid office, or
complete it on-line at www.fafsa.ed.gov.
Start by submitting your FAFSA. After studying your
financial aid application, each school will send you
an award letter detailing which aid program(s) you qualify
for, such as grants, scholarships and work-study, and
the amount of student loans for which you are eligible.
If you decide you need a student loan, request an application
from your school and fill in our Lender Code 834054.
You can apply after you have settled on a school and
know if you will receive other financial aid. Your school
will determine the maximum loan amount you qualify for,
based on income and annual school budget. Please include
Lender Code 834054 on the application. Each year, you
may reduce or cancel the annual loan amount; only borrow
what you need.
On subsidized Stafford loans, the government pays the
interest that accrues while the student is in school,
or in a grace or authorized deferment period. With unsubsidized
loans, the student is responsible for paying the interest
while in school, or in a grace or authorized deferment
period.
It's a multi-year Master Promissory Note you sign with
Access Credit Union. It may eliminate the need to sign
another note each time you borrow on your Stafford loan.
Check with your school for its policy on sending the
MPN to Access Credit Union.
A disclosure statement detailing the loan terms will
be sent to you with or before the disbursement of a
loan.
Rates are determined and regulated by the federal government.
Check with Panhandle-Plains to ask about discounts available
to borrowers who pay on time.
Repayment usually begins six months after you leave
school. You will make your payments to Panhandle-Plains:
P.O. Box 839, Canyon, TX 79015. Contact them at 806/324-4100,
800/736-5727 or www.ppslc.com. A standard schedule has
a maximum repayment term of 10 years.
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